For example, for glass: https://news.ycombinator.com/item?id=15890032
And an overview: https://www.nytimes.com/2015/10/04/opinion/sunday/the-reign-...
You literally chose the worst material (recycling-wise) for your example.
Glass is made of molten sand -- the raw materials are cheap, and all the energy goes into melting it and forming it into the right shape.
Metal is energy-intensive and ecologically damaging to extract and refine[1][2][3], but shaping it from ingots/billets/blooms/slabs to finished product is a relatively small part of that footprint.
Paper is the same story, requiring a lot of "cooking" to break down wood into fibers (much more energy-intensive than re-pulping paper). And there's the footprint of paper forestry itself, which often uses herbicide to control weedy underbrush.
Plastics, similarly, are made of an energy-intensive raw material (it's solid oil essentially), but the process from pellets to finished product (typically injection molding) uses comparatively little energy.
Remember, recycling is near the bottom (least favorable options) of the waste hierarchy.[4] My philosophy? Reduce plastic, reuse glass, and recycle metal and paper.
[1] https://en.wikipedia.org/wiki/Acid_mine_drainage
[2] https://en.wikipedia.org/wiki/Aluminium_smelting
Which is exactly why it is subsidized. The goal is not to save companies money, but to save natural resources. Now, I agree it is debatable whether recycling achieves those goals, but a free-market approach, as introduced in the video, will only be more harmful.
That could be spent on more natural resource conserving things. That's the argument.
In particular, it could be spent on "fighting" climate change.